the deductibility of a special levy might vary for each owner eg if you had purchased the unit last month it would probably be an initial repair
is this a problem the building had when you purchased even if it wasn’t known
is what the levy is doing a repair or an improvement as defined by the case law

is you moving into the second property…[Read more]

If they still have 10 months to go then you are unlikely to be able to increase the rent.

You couldinthis case add to the cost base of your Brisbane property expenses relating to that property that you have not claimed as deductions eg interest, rates, insurance

True, but if you get a tenant who wants a pool, they want a pool. We rented our PPOR with a pool to tenants who wanted a house with a pool. 7th anniversary of them being in house comes up next week.

they might need to sell both together to get the capital gains exemption on yhe vacant block if the house is their PPOR

You might be better to build the cost of maintaining the pool into the rent

You need to get a value when the ex Ppor became income producing. That’s your new cost base. So that becomes your cost plus acquisition costs – legals, stamp duty plus selling costs.

You need to get a value when the ex Ppor became income producing. That’s your new cost base.

There might be a CGT issue or a GST issue for your Dad. Doing things on the cheap can be very expensive.

Should you hold? consider the future of the particular mineral, workforce requirements, is there an excess or deficiency of housing. Reserves of mineral etc etc. Is thereanything elseabout the town?

I’ve got an industrial investment in a mining town. Value has probably gone down 20% in last 3 or 4 years. On the other hand it’s still worth…[Read more]

You will be guaranteeing the bank that the loan will be repaid. Maybe this means you will put up other property as security too. You are building to develop and onsell, no capital gains tax as you are doing this as a business. Get some good advice on GST too.

I hope the Obeid family was able to be advised about this.

Just remember holding on for a particular price has a cost too and at the moment as the price your half wants isn’t being offered it is unlikely the house is worth that much now.

No. Roll-over events in Australia would not cover that.

Be careful what you believe https://www.ato.gov.au/General/Capital-gains-tax/In-detail/Real-estate/Treating-land-as-your-main-residence/

It’s OK to be fussy when someone is spending several hundred thousand dollars. Your other half bought a house to live in without the means to pay for it except by selling another property. That does not fit my definition of investing in property.

If you posted a link to the ad someone might have other suggestions.

why hasn’t the house sold in 12 months? Has it even been listed? Were any offers made? Why the problem with the banker? Seems to me the problem is your half borrowed money without income and then has not done what the bank was told would happen, ie sell the first house. Talk about a sense of entitlement, the hide of the bank to assume borrowers…[Read more]

any expenses such as rates, insurance, interest, mowing etc that have not been claimed as tax deductible can be added to the cost base

Each state has different laws. Your friend should instruct agood qld solicitor imediately. There are a couple who have regular articles in API.

You are still not being very clear. Is your bank lending you enough so that you can settle the purchase? Is the personal loan so that after settlement you can renovate the second building?

If so, settle and scrounge the other $50,000 a different way eg in Port Macquarie a few years ago one of the credit unions would give an unsecured personal…[Read more]